Press release
Meticulous Research® Unveils In-Depth Analysis of the Synthetic Biology Market, Forecasting Growth to $80.20 Billion by 2031
Meticulous Research®, a globally recognized leader in market research, has published its latest report titled "Synthetic Biology Market Size, Share, Forecast, & Trends Analysis by Product (Enzymes, Oligonucleotide, DNA), Technology (Gene Synthesis, Genome Editing, Sequencing, Cloning), Application (Life Sciences, Chemical, Food), End User - Global Forecast to 2031."Download Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5826
The report projects that the global synthetic biology market will reach $80.20 billion by 2031, growing at a remarkable CAGR of 23.5% from 2024 to 2031. This growth trajectory is fueled by increased funding for synthetic biology research, declining costs of sequencing technologies, the expanding range of synthetic biology applications, advancements in gene engineering, and the growing interest in synthetic vaccines. However, the market faces challenges, including biosafety and biosecurity concerns, as well as ethical issues that could hinder its growth.
Key Market Drivers and Opportunities
The synthetic biology market is poised for significant growth, driven by robust investment in R&D, a burgeoning focus on personalized medicine, and continued innovations in synthetic biology. Additionally, the expansion of synthetic biology applications in areas such as environmental biotechnology, bioplastics, and biofuels presents promising growth opportunities. However, challenges such as the potential ecological impact of synthetic organisms and public skepticism remain hurdles to broader market adoption.
Market Segmentation and Key Insights
The report provides a comprehensive segmentation of the synthetic biology market:
Browse in Depth: https://www.meticulousresearch.com/product/synthetic-biology-market-5826
• By Product: The oligonucleotide and synthetic DNA segment is anticipated to dominate the market in 2024, owing to their widespread use in novel therapeutics, commodity chemicals, and environmental biotechnology.
• By Technology: The gene synthesis segment is expected to hold the largest market share in 2024. This technology enables the creation of novel DNA sequences without a template, simplifying complex procedures and supporting research across various fields, including oncology, plant biology, and synthetic vaccines.
• By Application: Life sciences and healthcare are projected to lead the market in 2024, driven by increased funding for synthetic vaccines and drug discovery, alongside governmental support for pharmaceutical R&D.
• By End User: Pharmaceutical, biotechnology, and MedTech companies are expected to be the largest consumers of synthetic biology tools by 2024, benefiting from rising R&D investments and the growing demand for innovative therapies.
Geographical Insights
Asia-Pacific is expected to witness the highest growth rate in the synthetic biology market during the forecast period. The region's rapid development is attributed to increased research on synthetic vaccines, rising demand for biofuels, and supportive governmental policies. Notably, India's biotechnology sector is emerging as a global hub for research and innovation, with the country's bioeconomy projected to grow significantly by 2025.
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Key Players
The report highlights key players driving the synthetic biology market, including Thermo Fisher Scientific Inc. (U.S.), Merck KGaA (Germany), Agilent Technologies, Inc. (U.S.), Novozymes A/S (Denmark), Codexis, Inc. (U.S.), Creative Biogene Inc. (U.S.), Amyris, Inc. (U.S.), Precigen, Inc. (U.S.), Illumina, Inc. (U.S.), New England Biolabs (U.S.), Ginkgo Bioworks (U.S.), Genscript Biotech Corp. (U.S.), Eurofins Scientific SE (France), and Twist Bioscience (U.S.).
Related Reports:
Genomics Market - https://www.meticulousresearch.com/product/genomics-market-1262
Spatial Genomics Market - https://www.meticulousresearch.com/product/spatial-genomics-market-5763
Artificial Intelligence in Genomics Market - https://www.meticulousresearch.com/product/ai-in-genomics-market-5345
https://www.linkedin.com/pulse/future-synthetic-biology-market-key-trends-growth-drivers-s2zlc/
https://www.linkedin.com/pulse/veterinary-rapid-diagnostic-tests-market-projected-growth-aexdf/
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